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28/02/2024
Mining News

Greenland Resources Provides Summer Update on Malmbjerg Molybdenum Project

Greenland Resources announced the Company’s ongoing 2023 summer progress on its Malmbjerg Molybdenum Project.

Highlights:

Supported by

The Company continues to be very active with the process for debt and equity on capex financing with the banks that provided letters of intent as previously announced.

Molybdenum remains one of the best performing metals this year where molybdenum prices quoted by the London Metal Exchange closed yesterday at US$24.97/lb Mo, nearly 40% higher than the base case price used in the Company’s NI 43-101 Feasibility Study.

The Company scheduled five trips to Greenland this summer. The first trip in July included a visit to the Project site from a global integrated mining company. WSP Denmark also joined the trip and conducted field work as part of comments received by the Environmental Agency for Mineral Resource Activities (EAMRA).

During the second trip in August, a mini bulk sample of 200 kg was taken from historic core storage in Kangerlussuaq for further metallurgical testing in a saline process water environment. The third trip this week consists of the Company’s financial advisors and their team visiting the Project site as part of the work required by the banks that have expressed written interest in financing the project capex. Draft reports for the banks are expected to be ready during the month of September.

The fourth trip next week will include a visit to the Minister of Mineral Resources and meetings with EAMRA in Nuuk, to provide an update on the project permitting process. The fifth trip in early September is expected to include collecting additional saline and fresh water samples from the planned Noret tailings management facility in the Project area as part of the environmental studies.

On July 12, 2023 the Company closed a financing with one of Denmark’s leading asset management and private equity companies. Also on June 28, the Company, beyond legal obligations, expanded the scope of the financial sponsorship agreement to support the local community of Ittoqqortoormiit, the only nearby settlement.

The Greenland government has invited the Company to present the Project in relation to the upcoming EU-Greenland strategic partnership on raw material value chains in an event to be held in October with the participation of the Greenland government and the European Commission.

During the summer, the Company engaged the Danish international engineering and environmental consulting group COWI A/S on wind and solar energy alternatives. The study looks promising and could also help Ittoqqortoormiit. Currently, the Project is expected to require zero energy in nearly 45% of its operation due to the transport of the ore using gravity with an aerial rope conveyor, and the Company is committed to decarbonize at the same pace as end users.

The Company is scheduled to attend the 35th International Molybdenum (IMOA) Annual General meeting September 3-8 in Santiago Chile and is expected to meet, among others, the metallurgical steel and chemical companies that have signed with the Company documentation related to offtakes.

 

Source: Junior Mining Network

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